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Financially Underserved Kenyans and Their Market Potential: A segmentation Study

This segmentation study identifies Kenyans whose financial needs are not adequately met by the solutions available in the financial market, as well as the untapped opportunities they offer to financial service providers. The study was conducted by FSD Kenya and CGAP using data from FinAccess 2019.

Over the past two decades, Kenya has made significant strides in financial inclusion. According to the 2019 FinAccess household survey, 80% of Kenyan adults have a transactional account and 83% own at least one formal financial device. However, account ownership alone does not drive inclusive economic development. It is the effective usage of financial services that improves welfare and deepens overall economic inclusion for individuals, communities and businesses. This study aims to understand the financially underserved population in Kenya, as well as to identify opportunities for financial solutions that meet their needs.The study identifies and details seven priority segments whose needs are not adequately served by the solutions available in the financial market. These segments are regional market farmers; local market farmers; sophisticated businesses; urban small and micro businesses; urban wage earners; public sector employees; and urban aspirational youth.


Sarah Corley
Sarah is Deputy Director at DFI and is responsible for developing the DFS profession and providing opportunities for capacity building outside of our online course provision. She has over 20 years of experience within the learning and capacity development within the development and health sector, and is passionate about being a catalyst for change.

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